3PEAK(SH:688536) Guoxin Securities·2024-12-13 08:59Investment Rating - The investment rating for the company is "Outperform the Market" [1][31]. Core Views - The recent launch of the ASN (Automotive Sensor Network) automotive sensor transceiver addresses various challenges in automotive audio systems, such as cable weight, cost, and reliability, enhancing the overall audio and acoustic applications in vehicles [2][3]. - The company has a growing product line in the automotive sector, offering over 30 automotive-grade product categories and more than 200 models, which strengthens its competitive position in the automotive electronics market [2][18]. - The automotive chip market is expected to see increased demand due to the trends of electrification and intelligence in vehicles, which aligns with the company's expanding product offerings [2][31]. Summary by Sections Product Launch - The ASN automotive transceiver has been validated by clients and is now in mass production, designed for high-reliability, long-distance audio transmission in smart cockpit systems [2][3]. - The ASN product line includes two versions: TPDA1000Q, a fully functional version, and TPDA1001Q, designed specifically for automotive microphone modules, both of which have passed AECQ100 automotive certification [3][4]. Competitive Advantages - The ASN solution simplifies wiring and reduces costs by utilizing unshielded twisted pairs for long-distance audio and control signal transmission, significantly lowering the complexity and weight of vehicle wiring [4][11]. - The product supports a daisy-chain structure with a maximum transmission distance of 80 meters, accommodating various in-vehicle scenarios and small to medium-sized conference systems [11][12]. - Enhanced bus power capabilities allow for the cascading of up to 12 sensors, facilitating simultaneous data collection for active noise cancellation and road noise reduction applications [12][15]. - The ASN features low latency of less than 50μs and precise phase alignment, making it suitable for applications requiring stringent delay characteristics, such as active noise cancellation and audio partitioning [15]. Financial Forecasts - The company's projected net profits for 2024-2026 have been adjusted to 88 million, 186 million, and 340 million yuan, respectively, reflecting a shift in market demand and ongoing product development [31][36]. - The price-to-earnings ratio (P/E) for 2024 is estimated at 166x, indicating a premium valuation relative to expected earnings growth [31][36]. Market Position - The company has established a comprehensive "one-stop" service for automotive electronics, with a testing center in Suzhou and a wide range of automotive-grade products, enhancing its ability to meet diverse customer needs [18][26]. - The transition of the global automotive industry towards electrification and intelligence is driving demand for various types of chips, which the company is well-positioned to supply [24][31].